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Mid-Day Oil Products Summary: Gasoline Cracks Rise

OIL PRODUCTS
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Gasoline crack spreads are rebounding today after previously sinking to their lowest level since late February amid seasonally lower US summer demand and building stocks.

  • US gasoline crack up 0.2$/bbl at 27.05$/bbl
  • US ULSD crack up 0.6$/bbl at 24.54$/bbl
  • A Ukrainian drone strike hit Russia’s Volograd refinery early on Sunday resulting in a fire which was extinguished shortly after according to the regions governor.
  • Russia’s fuel market is “stable” according to acting Deputy Prime Minister Alexander Novak.
  • Russia's Gazprom Neftekhim Salavat refinery in the Bashkortostan region has stopped its catalytic cracker after the drone attack May 9 according to Reuters sources.
  • Gulf Cooperation Country (GCC) refiners exported record volumes of middle distillates to Europe in April amid weak Asian demand, MEES reported.
  • US gasoline demand rose 1.1% w/w for the week ended 11/05 – 1.5% above the four-week moving average according to GasBuddy.
  • 38.4 million Americans will take to the roads this Memorial Day weekend according to a AAA forecast – the highest in two decades.
  • The arrival of feedstocks into independent refineries in Shandong and Tianjin ports fell 14% in April m/m to 9.09m tons, according to OilChem.
  • Chevron Pasadena refinery halted a reformer early on Saturday morning after an equipment leak according to a regulatory filing.
  • CDU Capacity Utilisation rates at China’s state-owned refineries ae expected to continue falling in the week to May 16, according to OilChem.
  • Romania’s Rompetrol has completed a turnaround at its Petromidia Navodari refinery – the biggest in the country.
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Gasoline crack spreads are rebounding today after previously sinking to their lowest level since late February amid seasonally lower US summer demand and building stocks.

  • US gasoline crack up 0.2$/bbl at 27.05$/bbl
  • US ULSD crack up 0.6$/bbl at 24.54$/bbl
  • A Ukrainian drone strike hit Russia’s Volograd refinery early on Sunday resulting in a fire which was extinguished shortly after according to the regions governor.
  • Russia’s fuel market is “stable” according to acting Deputy Prime Minister Alexander Novak.
  • Russia's Gazprom Neftekhim Salavat refinery in the Bashkortostan region has stopped its catalytic cracker after the drone attack May 9 according to Reuters sources.
  • Gulf Cooperation Country (GCC) refiners exported record volumes of middle distillates to Europe in April amid weak Asian demand, MEES reported.
  • US gasoline demand rose 1.1% w/w for the week ended 11/05 – 1.5% above the four-week moving average according to GasBuddy.
  • 38.4 million Americans will take to the roads this Memorial Day weekend according to a AAA forecast – the highest in two decades.
  • The arrival of feedstocks into independent refineries in Shandong and Tianjin ports fell 14% in April m/m to 9.09m tons, according to OilChem.
  • Chevron Pasadena refinery halted a reformer early on Saturday morning after an equipment leak according to a regulatory filing.
  • CDU Capacity Utilisation rates at China’s state-owned refineries ae expected to continue falling in the week to May 16, according to OilChem.
  • Romania’s Rompetrol has completed a turnaround at its Petromidia Navodari refinery – the biggest in the country.